(a) Using the schedules given, determine the demand equation and the supply equation. 
(b) What is the intercept of the demand equation? What is the slope of the demand equation?
(c) What is the intercept of the supply equation? What is the slope of the supply equation?
(d) What is the equilibrium price and quantity?
Definitions:
Government Regulation
Rules and guidelines established by the government aimed at influencing or controlling certain activities within the society or economy.
Total Surplus
The total net gain to society from a market transaction, which is the combination of consumer surplus and producer surplus.
Consumer Surplus
The gap between the aggregate amount buyers are willing and able to spend for a good or service, versus what they actually spend.
Property Rights
The legally guaranteed rights to own, use, and dispose of assets, including physical and intellectual property.
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